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Class 04 - Vol 2, Chapters 7-11

Reading Marx's Capital Volume 2 (audio)

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Exploring Rostow's Theory and Fixed Capital Formation in Economic Development

This chapter delves into Rostow's stages of economic growth theory, emphasizing the role of fixed capital formation, such as physical infrastructures, in driving economic development. It explores key stages from economic take-off to mass consumption, showcasing the link between consumer demand, employment, and wealth. Through historical data analysis and examples like Britain's industrialization, the narrative unravels the significance of surplus population and production in building physical infrastructures for economic growth.

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